With student loan payments resuming after a long hiatus (due to, well, you. know), millions of borrowers are facing monthly student loan payments, which for many, can be burdensome. However, most people who owe student loan debt and make interest payments can deduct those interest payments from their taxable incomes.
This video describe the Student Loan Interest Deduction. Which loans qualify, which borrowers qualify, and where to report the deduction on form 1040
0:00 Introduction
0:31 Which loans qualify for the Deduction?
1:58 Which borrowers qualify?
4:58 1098E and Reporting the Deduction
5:45 Conclusion
To learn more about adjustments in general, click here: [ Ссылка ]
To learn about other tax benefits for post secondary education click here: [ Ссылка ]
and here: [ Ссылка ]
Additional Information and Resources:
IRS Publication 970: "Tax Benefits for Education" (This publication contains the Student Loan Interest Worksheet): [ Ссылка ]
IRS Schedule 1: "Additional Income and Adjustments": [ Ссылка ]
IRS Form 1098-E: "Student Loan Interest": [ Ссылка ]
Nerdwallet: "How to Get the Student Loan Interest Deduction": [ Ссылка ]
The Tax Geek on The Site Formerly Known as Twitter: www.twitter.com@taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
Image/Video Sources:
Storyblocks.com
Pexels.com
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Intro Music: "Bluesy Vibes" - Doug Maxwell - YouTube Creator Music
Outro Music: "Modern Attempt" - Track Tribe under license from YouTube Creator Music
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or financial advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or financial professional.
